Pollution Research and Control Awarded $13 Million China Contract.Business Editors GLENDALE, Calif.--(BUSINESS WIRE)--April 17, 2000 Award Creates American Jobs, Addresses Global Climate Change Issues, Facilitates Information Flow to Chinese Citizens Chinese citizen can refer to
Broadcasts A. E. Gosselin, Jr., President and Chief Executive Officer of Pollution Research and Control Corporation (Nasdaq:PRCC PRCC Pearl River Community College (Mississippi) PRCC Papillary Renal Cell Carcinoma PRCC Puerto Rican Cultural Center (Chicago, IL) PRCC Puerto Rico Convention Center PRCC Parallel Rural Community Curriculum ), announced today that the Company has finalized See finalization. a contract for a thirty-three city air quality monitoring project with China's State Environmental Protection Agency Environmental Protection Agency (EPA), independent agency of the U.S. government, with headquarters in Washington, D.C. It was established in 1970 to reduce and control air and water pollution, noise pollution, and radiation and to ensure the safe handling and ("SEPA SEPA® Soft enhancer of percutaneous absorption Therapeutics A technology that enhances transdermal drug delivery. See Transcutaneous therapy. "). Management believes the contract is the largest ever awarded in the history of the air pollution instrument industry. The project, Phase II of SEPA's Nationwide Urban Air Quality Network, will be performed by the Company's wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , Dasibi Environmental Corporation ("DEC"), and is valued at approximately $13 million. The Company anticipates that Phase II shipments will commence in July 2000. The contract was finalized during a formal signing ceremony A signing ceremony is a ceremony in which a bill passed by a legislature is signed (approved) by an executive, thus becoming a law. Modern-day signing ceremonies are derived from ceremonies that occurred when the British monarch gave Royal Assent to acts of Parliament. in Beijing. Witnessing the event were Deputy Chief of Mission G. Eugene Martin from the US Embassy and SEPA Vice Minister Zhu Guangyao. Mr. Gosselin stated: "The US Department of Commerce and the US Embassy in Beijing were instrumental in helping us secure this critically important project. We are deeply appreciative of their diligence in advocating on our behalf, and for allowing us to compete effectively against substantially larger foreign enterprises in the most significant environmental market in the world." During 1999, the Company completed shipments valued at $5 million for the eleven-city, Phase I portion of SEPA's air monitoring network, more than doubling its workforce in the effort. As a result of the Phase II award, the Company again expects to double its workforce from forty-five employees to approximately one hundred. The Company believes that it is well positioned for substantial additional business in China, and that future awards and shipments to China may result in further employment opportunities for US citizens. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. recent industry research, China is the world leader in sulfur sulfur or sulphur (sŭl`fər), nonmetallic chemical element; symbol S; at. no. 16; at. wt. 32.06; m.p. 112.8°C; (rhombic), 119.0°C; (monoclinic), about 120°C; (amorphous); b.p. 444.674°C;; sp. gr. at 20°C;, 2. emissions and is the second-largest producer of greenhouse gases greenhouse gas n. Any of the atmospheric gases that contribute to the greenhouse effect. greenhouse gas . The World Health Organization has stated that China is home to eight of the ten worst air quality cities on the planet. With the launch of Phase I and Phase II, China has initiated air pollution measurement and control protocols covering forty-four cities to address these problems. SEPA's ultimate goal is a nationwide network of air pollution monitoring stations in over 600 cities. The Company's air monitoring equipment will be utilized in integrated systems to monitor, report, and predict air pollution levels locally, in a media broadcast venue similar to televised weather reports. Thus, Chinese citizens will for the first time have real-time access to crucial information on local air quality. Pollution Research and Control Corporation primarily designs, manufactures and markets air pollution measurement instruments, nationally and internationally, through its wholly owned subsidiary Dasibi Environmental Corporation. This news release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that are subject to risks and uncertainties that could cause actual results to vary materially from those projected. The award and commencement of projects in China are subject to a number of factors including, but not limited to, the Company submitting successful bids, the Company obtaining additional financing for projects that are awarded, a stable political relationship with China and maintaining perceived leadership positions, among other normal factors of competitive business. There can be no assurance that a significant market for air monitoring products will develop in China, or that the Company can successfully penetrate the market should one develop. Additional information with respect to these and other factors that could materially affect the Company and its operations are included in certain forms the company files with the Securities and Exchange Commission. |
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